The paper reveals an increasing importance of intangible assets in shaping enterprise market value as measured by Tobin’s q. The composition and structure of «intangibles» are explained in terms of the interrelation of the notions of intellectual capital, intellectual property and intangible assets. Foreign econometric studies confirm the positive effect of different components of intangible assets on enterprise market value, and thus the possibility to manage that value. However, we have not been able to confirm a similar effect for domestic companies. The author believes that domestic enterprises, being underestimated by the market, should pay greater attention to appropriation and effective application of intangible assets, which could become an economic tool for increasing these enterprises’ market value.
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